AMSC (NASDAQ: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid and protect and expand the capability of our Navys fleet, today announced $26 million of new energy power systems orders. This includes orders for enclosed capacitor banks, harmonic filters, voltage controllers, rectifiers, D-VAR VVO and transformers. Most of the revenue from these orders is expected to be recognized in fiscal year 2023.
Our Company is providing new energy power systems solutions for more industrial uses, said Daniel P. McGahn, Chairman, President and CEO, AMSC. These new energy power system solutions are used for industrial processes and manufacturing such as mining, metal extraction, metal processing, and chemical plants among others. Approximately two-thirds of todays announced orders come from industrial uses and about one-fourth from renewable projects in wind and solar. We have built a business focused on sustainability that we believe is well positioned to take advantage in renewables, semiconductor, mining and materials, as well as in other industrial markets. These orders, plus the recently announced award of our fifth ship protection system (LPD-32) contract, underscore our strong momentum.
AMSCs new energy power systems include D-VAR and D-VAR VVO offerings as well as NEPSI and Neeltran businesses. Customers utilize AMSCs solutions to provide voltage control, power factor correction, and reactive compensation to stabilize the power grid and prevent undesirable events such as voltage collapse. The systems are designed to detect and instantaneously compensate for voltage disturbances. AMSC offers power conversion products. These products include transformers and rectifiers. Additionally, the systems help utilities manage their power quality concerns and expand grid capacity for renewable distributed generation.
About AMSC (NASDAQ: AMSC)
AMSC generates the ideas, technologies and solutions that meet the worlds demand for smarter, cleaner better energy. Through its Gridtec Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its Marinetec Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtec Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Companys solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America.
